4 Top Tech Stocks To Watch This Week
Tech stocks are still showing a very strong performance after having a stellar run in the stock market last year. Arguably one of the biggest winners to come out of the pandemic, these stocks continue to show resilience. The burning question that many investors continue to ask is, will they be able to perform as we begin the second month of 2021? As technology continues to reshape businesses and everyday life, this trend in top tech stocks could continue to rise. Despite the U.S. vaccination efforts picking up speed in the last couple of days, we have witnessed an unprecedented digitalization of the country and world that we live in today. There is certainly no turning back as the pandemic has radically changed how we interact and live with one another today.
At the forefront of it would be the tech sector, as some tech companies have shown incredible innovation in the last couple of months. Tech giant Alibaba (NYSE: BABA) for instance has just shown promising financials in its latest earnings report today. Its revenue has been up by 37% year-over-year at $33.8 billion. Another tech stock that has been on fire recently is Aviat Networks (NASDAQ: AVNW). Its share price has spiked by over 15% since Monday’s opening bell. With so much excitement in the tech industry, will you consider adding these top tech stocks into your portfolio?
Top Tech Stocks To Buy [Or Sell]
- Marvell Technology Group (NASDAQ: MRVL)
- Amazon (NASDAQ: AMZN)
- Agora Inc. (NASDAQ: API)
- Salesforce.com (NYSE: CRM)
Marvell Technology Group
Marvell is a leading global semiconductor company that develops and manufactures semiconductors and related technologies. The company is trusted by the world’s leading technology companies for the last 25 years for its semiconductor solutions. It first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, the company is a veteran in storage, network infrastructure, and wireless connectivity solutions. MRVL stock has doubled in the last year.
In its third-quarter financials posted in December, the company reported a revenue of $750 million, up by 13% compared to a year earlier. Its strong revenue growth is driven by its networking business, which grew by 35% year on year. Its strong 5G and Cloud product ramps continue to fuel its ongoing success in these strategic growth markets. The company also ended the quarter with $832 million in cash. In the same month, Marvell was also added to the NASDAQ-100 Index which is a recognition of the company’s strength and future growth opportunities. All things considered, will you buy MRVL stock?
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Amazon is another name that comes to mind when talking about top tech stocks. Thanks to pandemic tailwinds, the company has seen several of its key divisions booming. These include its e-commerce, cloud computing, and video streaming businesses. As the company continues to fire on all cylinders, investors would naturally be watching AMZN stock.
For one thing, Amazon is not resting on its laurels. Yesterday, the company announced that it would be rolling out its Amazon One device to more brick-and-mortar stores across the U.S. In brief, Amazon One is a new biometric scanning device that customers can use to pay for goods by using their palms. As Amazon continues this rollout, it is facilitating the needs of its customers better amidst the pandemic. This goes to show that even as the company had one of its best years by far, it still strives to refine its services.
If that wasn’t enough, the company reported its Q4 2020 and full-year 2020 earnings Tuesday after market close. The company once again beat analysts’ expectations. Amazon reported a 44% increase in net sales to $125.6 billion in the fourth quarter and a 38% increase to $386.1 billion in 2020. Also, the tech giant notched in an EPS of $14.09 which beat expectations by $6.96. Furthermore, it’s also important to add that in this same press release AMZN announced that Jeff Bezos will be stepping down as Cheif Executive Offer. He will be transitioning to Executive Chairman, while CEO of Amazon Web Services Andy Jassy will be taking the reigns. This transition will begin in the third quarter of this year.
“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” stated Jeff Bezos, Amazon founder, and CEO. Given all of this, will you consider buying AMZN stock today?
Next, we will be looking at software company Agora. The company is a global leader in real-time engagement solutions. It does so via a platform-as-a-service model. Agora’s platform provides software developers with highly customizable, widely compatible, and easy-to-use application programming interfaces (APIs). With this technology, clients can simply embed real-time video and voice functions into their applications instead of creating their own. Given the current state of the world, these features would be essential to businesses looking to improve customer relations. Just this week, API stock is looking at gains of nearly 40% on account of its work with a growing social media app. It briefly reached an all-time high of $83.55 at 9:30 a.m. ET.
On February 1, Tesla (NASDAQ: TSLA) CEO, Elon Musk had joined the invite-only platform, Clubhouse. Now, Agora is the company behind the app’s key audio features. Therefore, investors looking for a means to invest in the growing app appear to have turned to API stock. However, this is not the only recent news regarding Agora. On January 27, the company acquired Easemob, a leading provider of instant messaging APIs. This acquisition does synergize well with its current real-time engagement solutions. With growing interest around its work and an expanding audio tech portfolio, is API stock a top tech stock to buy?
Another tech company in the limelight now would be Salesforce. For some context, it is a leading customer relationship management software-as-a-service provider. Similar to our previous entry, the company’s offerings help facilitate clear communication between businesses and their clients via the cloud. Understandably, we can see how this has benefitted CRM stock which is looking at gains of over 80% since the March lows. Aside from all that, Salesforce has also been making a series of strategic investments lately.
Yesterday, news broke regarding its participation in the $1 billion in pre-public funding raised by big data analytics startup, Databricks. Notably, Amazon Web Services, Alphabet (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT) have also done the same. According to CNBC, Databricks is now valued at $28 billion due to this transaction. Some have even compared it to Snowflake (NYSE: SNOW), a similar company that Salesforce also invested in pre-IPO. Additionally, Salesforce has also backed cloud data backup service platform, OwnBackup. All this paired with its recent acquisition of Slack Technologies does make for a solid set of investments. Time will tell if CRM stock can benefit from all of these ambitious plans.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.